Albuquerque's placement on the latest national list comes courtesy of the metro area's resilient real estate market. The Duke City ranked third nationally on a list published Thursday by Fortune magazine listing the "top 10 places to own real estate."
The Fortune report, with analysis provided by Moody's economy.com and real estate valuation company Fiserv Lending Solutions, highlights the top markets where real estate values are expected to rise in 2007 and 2008.
Albuquerque, with a median home price of $179,620, is expected to see home values increase by 5.9 percent in 2007, according to the report on Fortune's Web site. Albuquerque was ranked first among cities in the western United States.
"I think it's an indication of what happens to real estate values . . . when you have substantial and growing job growth" said Jim Folkman, executive director of the Home Builders Association of Central New Mexico. "I think New Mexico is being discovered. It's our time in the sun, if you will."
The report shows that 36 of the country's top 100 biggest markets are expected to see price declines, according to Fortune's Web site. For 2008, that number is expected to rise to 37.
The continued increase in Albuquerque home values might be surprising to some, considering the saturated state of the local real estate market today. There were 4,363 homes available in the Albuquerque area as of Dec. 10 - nearly 93 percent more than the 2,263 from the same day one year ago.
Cathy Colvin, friend and Coldwell Banker Legacy Associate, who chairs the Albuquerque Metropolitan Board of Realtors, said home prices locally have risen gradually while hot spots like Arizona and Nevada saw meteoric increases. Because of that, it isn't likely Albuquerque area home values would suffer drastic drops in valuation, she said.
"We don't think we've peaked yet," Colvin said.
"I also agree, with markets like Rio Rancho & Los Lunas leading the way." William Staab.
(exerpts from article in Albuquerque Tribune 12/22/2006 by Erik Siemers)
Friday, December 29, 2006
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